Hi guys, I'm applying to Schulich and I'm from Toronto so I can answer some of the questions.
Cost of living in Toronto is generally high, however, Schulich (York) happens to be located in a not-so-great area of the city. A standard place within walking distance to campus that an undergraduate would live in probably goes for around 600. However, since you have a family of three, you would probably want to rent a better place in the suburbs or a better part of town and drive to school. A two-bedroom condo in a good area probably costs $1500 minimum. A cheap two bedroom apartment near campus (not-so-great area) can probably be had for $1000.